Fall Real Estate 2012 - Section 1
The Palo Alto Weekly's Fall Real Estate 2012 special publication (section 1).
A PUBLICATION 'BMM3FBM&TUBUF OF THE ALMANAC AND 2012 PA L O A LT O W E E K LY SO MANY BUYERS, SO FEW HOMES PAGE 6 LOOKING UP IN EAST PALO ALTO? PAGE 28 DOES IT PAY TO GO GREEN? PAGE 42 I LIKE EICH' PAGE 14 HIGH-END MARKET GOES GLOBAL PAGE 33 SCAM -- OR ALTERNATE BUSINESS MODEL? PAGE 57 Even in a hot market, great houses don't sell themselves. BEFORE AFTER BEFORE AFTER You only have one chance to make a first impression. Contact Elaine for a free consultation on how to best showcase your home. The difference is clear. "T "E o sell our home, Elaine led the efforts to prepare & present the house in the best possible light which provided us with the most favorable price & terms. In buying our new dream home, Elaine was creative & persistent. Her knowledge, negotiating skills, great service, professionalism & outstanding performance truly set her apart." Chet & Roxanne Bozdog, Buyers and Sellers laine made selling our old house and moving to our new house as easy as can be. She had our house ready to go on the market in one week, and helped with everything from shopping and installing new fi xtures, meeting with contractors, and helping us pick paint colors!" Flavia Herrod, Buyer and Seller ELAINE BERLIN WHITE Broker Associate, Attorney at Law Top 1% of Coldwell Banker Agents Internationally 1377 El Camino Real, Menlo Park 94025 EWHITE CBNORCALCOMsWWWELAINEWHITECOM sDRE #01182467 Page 2 I Fall Real Estate Special Section *No slogan needed 342 Hawthorne Palo Alto 12422 Skyline Avenue, Blvd, Woodside Open Sunday Available 342 Hawthorne Avenue, Palo Alto 249 Lowell Avenue, Palo Alto Open Representation Sunday SOLD - Buyer Already More Than $80 Million in 2012 Transactions 24551 Summerhill Avenue, Los Altos SOLD - Seller Representation 342 Hawthorne Avenue, Palo Alto 271 S. Castanya Way, Portola Valley OpenRepresentation Sunday SOLD - Seller 342Washington Hawthorne Avenue, 251 Avenue, Palo Palo Alto Alto Open Representation Sunday SOLD - Seller 342 Avenue,Palo PaloAlto Alto 228 Hawthorne Rinconada Avenue, Open Representation Sunday SOLD - Seller Trophy Properties in... Old Palo Alto Crescent Park Lindenwood 210 Oaks Drive, Menlo 342Menlo Hawthorne Avenue, Palo Park Alto 342 Hawthorne Avenue, Palo Alto 55 Skywood Way, Woodside Open Representation Sunday SOLD - Seller PRIVATE OFFERINGS SOLD - Buyer Representation Open Sunday Miles McCormick Number One Team out of 79,000 Keller Williams agents Averaging 10,000 Visits Per Month H o m e s O f Th e Pe n i n s u l a . co m 650-400-1001 DRE 01184883 Fall Real Estate Special Section I Page 3 *OTJEF FALL REAL ESTATE 2012 A Palo Alto Weekly and Almanac publication WWW0ALO!LTO/NLINECOMsWWW!LMANAC.EWSCOM 6 So many buyers, so few homes -ULTIPLEOFFERSDRIVEUPPRICESFORSCARCEPROPERTIES 33 40 42 57 High-end market goes global 2EALTORSCASTTHEIRNETSWIDERTOFINDRIGHTBUYER 14 I like Eich' -ODERNIZED%ICHLERSINDEMANDIN0ALO!LTO What's happening here? !NUPDATEONNEWHOMESINTHEAREA 20 Weighing your options 7HATCANYOUFINDATDIFFERENTPRICEPOINTS Does it pay to go green? 3TUDYSUGGESTSA@0RIUSEFFECTDRIVESVALUEFARTHERUP 28 Looking up? %AST0ALO!LTOHOUSINGPRICESREBOUNDGINGERLY Scam -- or alternate business model? 2EAL ESTATEINVESTORDEFENDSMODUSOPERANDI 30 Real estate politics 7HOSRESPONSIBLEFORMAINTAININGASHAREDPRIVATEROADWAY 58 RentWatch #ANATERMINATIONNOTICEBEGIVENBYEMAIL EDITOR: #AROL"LITZER DESIGNER: $IANE(AAS ON THE COVER: 4WOHOMESAREOFFEREDONONELOTATAND!MHERST3T0ALO!LTO4HEFRONTONEBUILTINFEATURES BEDROOMSANDBATHROOMSTHEREARCOTTAGECOULDSERVEASANEXTRABEDROOMORSTUDY!SKINGPRICEMILLION0HOTOGRAPH BY6ERONICA7EBER - Martha Angell, Palo Alto CELEBRATING 20 YEARS OF SUCCESS "Professional standards of practice, hard work and a sense of humor are essential to a successful real estate transaction. I offer my enthusiasm and commitment to the needs of my clients, throughout the process of buying or selling a home." MICHAEL HALL 650.465.1651 email@example.com www.MichaelHallHomes.com LIC. # 01133676 BaZo^[hn`amZg]lhe]�o^mbf^lpbmaFb\aZ^e%Zg] phne]gmmabgdh_nlbg`Zgrhg^^el^' - Cynthia Ringo, Menlo Park HOMES MICHAEL HALL CALL MICHAEL HALL TODAY FOR A COMPLIMENTARY MARKET ANALYSIS OF YOUR HOME! 2012 SOLD LISTINGS: Homer Avenue, Palo Alto - 2 Offers Parkside Drive, Palo Alto - 3 Offers Heather Lane, Palo Alto - 5 Offers Middle Avenue, Menlo Park - 6 Offers Gordon Avenue, Menlo Park - 2 Offers Palo Alto Avenue, Mountain View - 2 Offers Bonita Avenue, Santa Clara - 14 Offers 2012 BUYER SALES: Roberts Way, Hillsborough Beacon Shores Drive, Redwood Shores Woodland Avenue, Menlo Park Sonoma Drive, Menlo Park Bear Gulch Drive, Portola Valley Channing Avenue, Palo Alto Rock Street, Mountain View Information deemed reliable but not guaranteed. Page 4 I Fall Real Estate Special Section Successfully Representing Sellers & Buyers for over 25 years Woodside � Menlo Park Portola Valley � Atherton � Palo Alto Los Altos Hills � Redwood City � Los Altos YOUR ADVOCATE IN EVERY TRANSACTION! SEAN FOLEY Direct: 650-329-6631 | Cell: 650-207-6005 firstname.lastname@example.org Fall Real Estate Special Section I Page 5 Homes, Estates & Investment Properties FALL REAL ESTATE 2012 4PNBOZ CVZFST TPGFXIPNFT MULTIPLE OFFERS DRIVE UP PRICES FOR SCARCE PROPERTIES Michelle Le This home at 475 Cotton St. topped Menlo Park's real-estate market in early September, offered at $4,590,000. by Carol Blitzer uying a house in today's market isn't for the faint of heart. For starters, there just aren't that many houses for sale -- at any price point, in any condition. And once-reticent buyers, who may have been sitting on the fence for the past couple of years, are hopping off -- with cash in hand. Multiple offers are clearly the norm and are driving prices up (see chart), and buyers need guidance on how to navigate those seas. But, the good news is, from Labor Day through Thanksgiving, there's a traditional uptick in houses listed. "There were far more homes on tour yesterday than in recent weeks," noted Billy McNair, a broker associate with the McNair Group at Coldwell Banker, Menlo Park, in mid-September. "I have four listings coming to market in the next four weeks; that's a sign that more inventory is coming." Although not as long as the spring market, which extends from February through May, the fall market is a time when "people get refocused again. People with children are back in school, they get settled and then restart their home search," noted Hugh Cornish, a Realtor with Coldwell Banker, Menlo Park, who was ranked No. 41 in sales nationally for 2011. "Oftentimes the fall is an interesting market. If people are patient, new homes # Michelle Le Veronica Weber Veronica Weber Clockwise, from top left: Hugh Cornish, a Realtor with Coldwell Banker, Menlo Park, is a third-generation Realtor; Billy McNair, a broker associate with the McNair Group at Coldwell Banker, Menlo Park, sold 29 houses through mid-September, including 22 in Menlo Park; Tori Corbett, a broker associate who works with Alain Pinel Realtors, Los Altos, represents both buyers and sellers from Menlo Park through Santa Clara; Tim Foy, a Realtor with Midtown Realty since 2002, lists many homes for sellers in the Midtown area of Palo Alto. Michelle Le (continued on page 8) Page 6 I Fall Real Estate Special Section Fall Real Estate Special Section I Page 7 FALL REAL ESTATE 2012 `It's important to have all of your ducks in a row, whether that's your down payment or finance approval.' BILLY MCNAIR BROKER ASSOCIATE MCNAIR GROUP At the top of Palo Alto's real-estate market in early September was this home at 345 Coleridge Ave., offered at $18.5 million. Inventory (continued from page 6) come on in September and October; it can be a less hectic time to purchase property, not as much competition," Cornish said. �" lot of what's driving the current market is a significant lack of inventory," said Tim Foy, a Realtor with Midtown Realty since 2002. Pointing to a graph he created, he noted that from 2000 through 2006, there were about 700 singlefamily homes on the market in Palo Alto. From 2007 through 2010, there were fewer than 600; in 2011, fewer than 500. "This year is tracking lower than last year," he added. Foy has another graph where he compares the rise and fall of the Dow Jones Industrial Average with the average price of single-family homes in Palo Alto. He points to how closely the two measurements track until 2004; since then Palo Alto real estate has consistently done better. "Part of the reason inventory is low in Palo Alto is because there's been so much volatility in the stock market. A lot of homeowners are thinking it's better to keep their money in Palo Alto real estate than put it in any other asset class. ... There's a momentum to keep your home if you can," Foy said. And then there are those darned Baby Boomers. "The general mindset is to stay in the home as long as they can, keep it as an asset; it's performed very well relative to what was put in; also they would have capital gains to pay, he said. Cornish accumulates statistics for home sales in Atherton, Menlo Park, Portola Valley and Woodside. He too found inventory down this year. His inventory of active It's a lot easier to buy a house if you opt for no contingencies, several Realtors said. listings in September indicated a downward trend in all four communities, with Atherton's inventory down from 53 in 2010 to 41 in 2012. The most dramatic shift is in Menlo Park, down from 116 listings in 2010 to 55 this year. Sales for the first half of 2012, compared to the same time period last year, showed increases in Atherton and Woodside, but de- creases in Menlo Park and Portola Valley. But, Cornish said, "at the end of the year, my prediction is, you'll be pretty close" (to last year's sales). "I've been doing open houses in the last few years. I've never had a shortage of buyers, but they were scared. Now they're all jumping on the wagon again," said Tori Corbett, a broker associate who works with Alain Pinel Realtors, Los Altos. "People hate to admit it, but when they see multiple offers, they see values are going up and they join in." Some attribute the lower-thannormal inventory to the "Facebook effect," with potential sellers waiting for more initial public offerings (IPOs) to bring more cash into the equation. On the flip side, anticipation of the Facebook effect has also influenced buyers, McNair said. "If you were a buyer in the market in January/February, knowing that Facebook was going to go public, you had this heightened concern that you'd have instant competition with Facebook employees with a war chest of cash in their pocket. A lot tried to get ahead of that wave," he said. "That really drove the spring market" with a significant run up in values. That flurry of activity was also driven by the overall health of the stock market, he added, with buyers on the fence for 18 months with no sense of urgency and flat interest rates. But waiting for prices to keep rising can be a poor strategic move, he said. "If you're a family and you have a house worth $1.5 million and you're looking to move up to $2.5 million, hoping your house is going to be worth more just shoots yourself in the foot. Because if your house is worth more, so's the larger house," McNair said. "If the market goes up 10 percent, your $1.5 million house has gone up $150,000 more, but the $2.5 million house has gone up $250,000." Buyers are coming back now because they're feeling better about the economy, Realtors agreed. "They felt their jobs were stable; interest rates were low. A lot who weren't active became active now," McNair said. ith fewer properties for sale and pent-up buyer demand, the result is a very competitive market, local (continued on page 10) Veronica Weber 8 34 27 31 28 Single-family home sales -- by median prices City Atherton Woodside Los Altos Hills Portola Valley Los Altos Palo Alto Menlo Park Mountain View Median Price Jan-June 2012 $3,305,000 $1,623,250 $2,605,000 $2,182,500 $1,815,000 $1,702,000 $1,344,500 $1,050,000 Median Price Jan-June 2011 $3,200,000 $1,600,000 $2,239,583 $1,750,000 $1,615,000 $1,550,000 $1,200,000 $982,500 % change 3% 1% 16% 25% 12% 10% 12% 7% Median Price Jan-June 2010 $2,900,000 $1,795,000 $2,350,000 $1,806,000 $1,510,500 $1,438,900 $1,150,000 $907,000 % change in two years 14% -10% 11% 21% 20% 18% 17% 16% Single-family home sales -- by volume City Atherton Woodside Los Altos Hills Portola Valley Los Altos Palo Alto Menlo Park # Sales Jan-June 2012 38 51 44 32 168 216 186 # Sales Jan-June 2011 33 50 52 39 140 246 189 # Sales Jan-June 2010 % change in two years 12% 89% 42% 14% 4% 10% 13% 161 197 165 *Information provided by the Silicon Valley Association of REALTORS� from MLSListings *Information provided by the Silicon Valley Association of REALTORS� from MLSListings Page 8 I Fall Real Estate Special Section Successfully getting R ESULTS In Your Neighborhood... Atherton Menlo Park Woodside Portola Valley #1 Agent, Menlo Park � El Camino Office, 2011 Ranked #41 Nationally by The Wall Street Journal, 2012 Over $1.5 Billion in Sales WWW.HUGHCORNISH.COM 650.566.5353 email@example.com DRE# 00912143 Providing A Network of Reputable Home-Improvement Professionals Fall Real Estate Special Section I Page 9 FALL REAL ESTATE 2012 Veronica Weber Michelle Le At the lower end of Menlo Park's market was this home at 446 8th Ave., which was offered at $459,900. Closer to entry level in Palo Alto's market was 1215 Alma St., listed in late September at $699,000. Inventory (continued from page 8) Realtors agreed. Add to that the flurry of IPOs and an increase in foreign buyers. Suddenly an already competitive market has heated up. McNair is teaching a seminar (see box at end ) on the current state of the Menlo Park real estate market, with a focus on strategies for both buyers and sellers. "Buyers should expect to be in a competitive situation" and prepare accordingly, McNair said. Foy said it could easily take a `A lot of what's driving the current market is a significant lack of inventory.' TIM FOY, REALTOR MIDTOWN REALTY couple of months to prepare to make an offer, beginning with having a down payment ready and relatively liquid. Get pre-approved by a "well-known, reputable lender," he said, then "familiarize yourself with target neighborhoods and identify the most promising." He suggested checking out how many homes have recently sold in three neighborhoods; if there are fewer than three recent sales, he suggests widening the net. And, most important of all, "be patient. When a house comes along, your finances are ready, you know the neighborhood, then you're ready to make a strong, credible offer." It's a lot easier to buy a house if you opt for no contingencies, several Realtors said. "All contingences are deal kill- ers, some more than others," Cornish said, recalling the olden days when one could have a contract with a 21-day contingency -- no financing, no inspections -- and the property would be pulled off the market. During those three weeks, the potential buyer could have a contractor come check out the house for problems, then renegotiate the deal. "As markets got more sophisticated, and people were able to get pre-approved (for financing), there was a huge step to eliminate the timeframe. Trends changed. "Now we advise sellers to get pre-inspections. It gives clients a chance to analyze before making an offer," Cornish said. "A lot of people have no contingencies whatsoever, zero. That's really scary, especially for first-time buyers," Foy said. He advises his clients to spend the time to look through disclosure packets, even on houses they ultimately don't bid on. "Nothing should be foreign to you -- the neighborhood, the contract, the approval process. (It's the) only way you'll feel good about creating a competitive, credible offer." If a buyer needs to make the sale contingent on selling a house, "that's less attractive to a prospective seller than someone who's on a month-to-month lease," McNair said. "It's important to have all of your ducks in a row, whether that's your down payment or finance approval," he added. And, there's a big difference between loan pre-approval based on a phone conversation and sitting down with a lender, filling out a credit application, running a credit check, seeing tax returns (and determining whether income is from wages or consulting fees), he said. Foy noted that a Wells Fargo Private Banking underwriter is located right in his Midtown office. "He can underwrite the loan so it's a more rigorous approval (and) give my clients confidence that an underwriter has looked at the application, not just a loan officer," he said. Corbett affirmed that a buyer needs a good lender. "That's very important. You can't Condominium home sales -- by price City Atherton Menlo Park Los Altos Palo Alto Mountain View Redwood City Median Price Jan-June 2012 n/a $900,000 $854,000 $885,000 $612,500 $475,000 Median Price Jan-June 2011 $545,000 $665,000 $792,500 $766,500 $495,000 $376,554 Change in one year % 35% 8% 15% 24% 26% Median Price Jan-June 2010 $635,000 $930,000 $777,500 $723,750 $557,500 $467,500 Change in two years n/a -3% 10% 22% 10% 2% *Information provided by the Silicon Valley Association of REALTORS� from MLSListings Inc. Condominium home sales by -- volume City Atherton Menlo Park Los Altos Palo Alto Mountain View Redwood City # Homes Sold Jan-June 2012 0 39 25 63 186 35 # Homes Sold Jan-June 2011 1 35 28 71 139 26 # Homes Sold Jan-June 2010 1 35 22 62 130 16 Change in two years 100% 11% 14% 2% 43% 119% *Information provided by the Silicon Valley Association of REALTORS� from MLSListings Inc. have Uncle Phooey's in Fresno. You need to be pre-approved and by a reputable lender," she said. In mid-September she was involved in negotiations for a condo in the Whisman Park neighborhood of Mountain View, which drew 11 offers Then she sold a single-family home in downtown Mountain View. "It went on at $928,000 and got seven offers, almost $100,000 over asking," she said. Two weeks earlier she was working with a client on an offer for a Sunnyvale townhouse, which drew 11 offers; the week before that she listed a Mountain View fixer-upper that got 13 offers and sold for $100,000 over asking, she added. In addition to a good offer package, Corbett stressed how important it is to have an agent working for a client. "If one thing is askew, it won't work. ... I had an offer on my listing, and the guy didn't even put the address on it," she said. And it isn't always the highest price that wins over the seller. Corbett found that sometimes it's the second offer that appeals because the terms better meet the seller's needs. If the house is vacant, the seller might want a quick close of escrow, for example. Or, the seller could prefer a higher down payment, all cash, no contingencies, and of course, that the offer is written correctly, she added. And then there's the personal element. McNair suggests including a personal letter addressed to the seller with the offer. "If you put yourself in the shoes of the seller and you have three comparable offers, you've lived in the neighborhood for 30 years, you know your neighbors ... there are certain things that will sway the seller," such as whether or not there are young kids on the block, he said. Sometimes it's better to step back and simply not make an offer, rather than creating a bidding war, McNair said. "If you make a (bidding-war) of- fer and don't get it, that home is now used as a comp for other houses on the market. If it was listed at $1.3 million and goes for $1.5 million, the next house uses $1.5 million as the comp. You lost out on a house at $1.3 million and drove up the price of future homes," he said. "We need to put in good aggressive offers. We can't guarantee you'll be successful, but put your best foot forward or don't make an offer at all," he said. N What: State of the Menlo Park Real Estate Market Teacher: Billy McNair When: Saturday, Oct. 13, 9 to 11 a.m. Where: Arrillaga Family Recreation Center, 700 Alma St., Menlo Park Cost: $20 for nonresidents, $15 for residents Information: www.menlopark.org or 650-3302200 Page 10 I Fall Real Estate Special Section Community Connected COMING SOON PROFESSORVILLE - PALO ALTO NEW CONSTRUCTION 4BR 3.5BA | �3300SF 3-Level Craftsman Style Opportunity for buyer to participate in selection of finishes Offered at $3,450,000 COMING SOON PRIME DOWNTOWN MENLO PARK NEW CONSTRUCTION 3BR | 3BA Three Detached Homes Opportunity for buyer to participate in selection of finishes Offered at $1,595,000 SALE PENDING SALE PENDING 1130 Hillview Drive, West Menlo Park 4BR 3BA | �2430 SF | �10,413SF LOT | Offered at $2,395,000 Timeless & Impeccably Renovated 740 Seale Avenue, North Palo Alto 7BR 6BA | �5598 SF | �10,050SF LOT | Offered at $5,995,000 Traditional Architecture Meets Modern Living - New Construction ZACH TRAILER International President's Premier Top 1% Internationally 650 906 8008 www.zachtrailer.com | firstname.lastname@example.org Information deemed reliable but not guaranteed. 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The main residence features dramatic floor to ceiling windows to capture the views, a separate guest cottage, pool and cabana, tennis court, and expansive lawn and manicured garden areas. This is a one of a kind property that rarely becomes available. Located just 6 minutes from town with Portola Valley schools. OFFERED AT $3,995,000 SALE PENDING-SWEEPING VIEWS OF WINDY HILL IN PORTOLA VALLEY 220 CORTE MADERA ROAD Sweeping Windy Hill views make this home a rare find. Extensively remodeled. this contemporary style home features walls of windows filling the home with natural light opening each room to the serenity and beauty of the grounds and views. OFFERED AT $2,395,000 PRESENTED BY ELLEN ASHLEY DRE# 01364212 Alain Pinel Realtors President's Club Woodside Office cell: 650 888-1886 Fall Real Estate Special Section I Page 13 FALL REAL ESTATE 2012 Veronica Weber Perlin Erdal, right, and partner Kevin Swartz specialize in selling Eichler homes around Santa Clara County, including this one in Sunnyvale. I LIKE MODERNIZED EICHLERS IN DEMAND IN PALO ALTO &JDI� K.C. Cullen Courtesy of Modern Home Tours, LLC Eichler homes were featured on a home tour last year, including two in Palo Alto's Greenmeadow neighborhood, on Briarwood Way (above) and on Parkside Drive (right). by Eric Van Susteren os Gatos Realtor Ruth Mistry sees Eichler homes, Mid-Century modern houses that are common on the Peninsula, as a little polarizing for homebuyers. "With Eichlers, you either really like them, or you really don't," said Mistry, a real estate agent with Coldwell Banker. "Some people really like that California style with sunlight coming in and the open living room letting light in; others don't." Either way, there's a lot of interest in the squat, bare homes, even in the already busy Palo Alto real estate market. Mistry said - the Palo Alto Eichler she recently sold had 65-70 groups of visitors each day it was on the market. Though she wouldn't reveal the house's final price, she said the six offers she received on it went significantly above its list price of $1.235 million after only 10 days. With about 2,700 of the single-family houses in Palo Alto and another 125 in Stanford, Palo Alto is rich with the homes. Realtors Pelin and Nil Erdal specialize in selling the houses, and after 158 of the homes sold since 2003, the mother-daughter team noticed that Eichlers stay on the market for an average of 13 days, about three days less than an average home of roughly the same Page 14 I Fall Real Estate Special Section FALL REAL ESTATE 2012 `I have a standing challenge to anyone to show me a tract home that was designed and built 50 years ago and is in as good a shape as an Eichler.' RON KEY, OWNER OF KEYCON CONSTRUCTION AND DESIGN, MOUNTAIN VIEW This Creekside Drive home in Palo Alto's Greenmeadow neighborhood is typical Eichler construction. value. Pelin Erdal said she has seen an increase in demand for Eichlers over the past decade, which she attributes to two main factors -- resurgence in appreciation for Mid-Century modern architecture and the increase in Eichler-specialized contractors who remodel and upgrade the homes. "We're seeing that they're selling a little more aggressively than other single-family homes, said Erdal, whose team has 52 Eichlers closed in escrow this year. "I think the younger generation really appreciates the architecture: the clean lines, the huge windows and the natural lighting." Even with their trademark minimalist aesthetic, it's hard to believe that the Mid-Century modern homes, whose average list price is $1,412,364 (the average sale price is around $100,000 above that), were originally designed to be affordable. Developer Joseph Eichler began building the homes, which sold for $11,000 to $14,000, just outside Palo Alto's then city limits in 1949, and they continued to spread across the Bay Area. They featured contemporary styles that were a departure from other traditionally designed homes in the area -- flat or slightly tilted roofs, an open interior design, wood interiors and exteriors based on a concrete slab, radiant heating and large windows. "Some people used to associate Eichlers with tract homes that nobody really looked twice at," Erdal said. "Eichlers weren't built with particularly stunning or top-of- the-line material, but once they're remodeled they look stunning, and people get an idea of how much they can do with an Eichler." Ron Key is owner of KeyCon Construction and Design, Mountain View, which specializes in Eichler remodels. He agrees with Erdal -- so long as the remodel is done right. "I've done remodels in homes where the homeowner remodeled it themselves, and they didn't understand the Eichler and put in a traditional design," he said. "From that standpoint, a remodel can affect the price negatively." Many of the remodels his company does range from $250,000 to $500,000, but he's done some that go as high $750,000. The high costs are associated with the fact that a significant portion of the homes' values are tied to their adherence to a modern aesthetic, which can be more difficult to work with. "With traditional design you can put trim around the doors, windows, moldings and baseboards," he said. "All these types of trim can hide a lot of problems from the construction. You can't do that with a contemporary design. "It's like cabinet building -- everything has to be just right." Much of the work, of which Key said homeowners often underestimate the cost, involves renovating the aging infrastructure of the home -- such as insulation, electrical wiring and plumbing -- much of which can be more than 50 years old. Despite this, Key still sees even Eichlers that haven't been remodeled as good buys. "I have a standing challenge to anyone to show me a tract home that was designed and built 50 years ago and is in as good a shape as an Eichler," he said. "They're really top notch." N Editorial Assistant Eric Van Susteren can be reached a email@example.com. Kelsey Kienitz A FEW RECENT SALES LEANNAH & LAUREL YOUR TEAM FOR MID-PENINSULA REAL ESTATE 2012 has been one of the best years in the last decade to sell a home on the Peninsula. Thinking of selling soon? We have an excellent network of industry specialists to help prepare your home for the market, such as painters, stagers, landscapers, handymen, and inspectors. Call Leannah and Laurel now to find out how you can capitalize on this amazing seller's market. www.LeannahandLaurel.com (650) 475-2030 firstname.lastname@example.org DRE# 01009791 (650) 475-2035 email@example.com DRE# 01747147 0!,/!,4/s,/3!,4/3s,/3!,4/3(),,3s-%.,/0!2+s!4(%24/.s0/24/,!6!,,%9s7//$3)$%s-46)%7s2%$7//$#)49!.$4(%%.4)2%-)$ 0%.).35,! Fall Real Estate Special Section I Page 15 REPRESE EXCEPTIONAL ATHE GULLIXSON '8=+5&+5/<(85>6/ ATHER &>=2/;5+7.;3?/ 56/7.;+5?/7>/ +A87%8+. %3.1/(3/@;3?/ #;+.8&/-8B+&=;//= +;B687=?/7>/ 8@/55+7/ ;3==87?/7>/ (+55/B%8+. 188FairOaks.com 2.35 ACRES ATHERTON A=;+8;.37+;B;/<3./7-//A=/7<3?/5B;/68./5/.D <0286/D/.3-+=/.+;=1+55/;BD>=5/;,+;9+7=;3/< 7-;/.3,5/@37/-/55+;95><@37/-2+9/5@3=2,8==5/-+9+-3=BD 80J-/<95><-><=863C/.80J-/<9+-/37 ./=+-2/.;/-;/+=387;886D +73->;/.9;3?+=/1;8>7.<D>/<=:>+;=/;<@3=20>55,+=2D>1/58@/;5/?/5<=8;+1/+;/+ LOS ALTO (3+ PORTOLA 8<86 .+3; WOOD $>+35 /+. !8;=2;3. MENLO &><+7+5/8>;= +<-+./;3?/ ";+71/?/7>/ ?/;1;//7&=;//= PALO AthertonEstate.com WEST ATHERTON +635=87 !/@-87<=;>-=387,B#377+-5/;8>9@3=237=/;38;<,B877+6/<D5/?/5<D,/.;886<>3=/<D3,;+;B '/69/;+=>;/-87=;855/.@37/-/55+;D3=7/<<-/7=/;@3=2<=/+6;886D%/-;/+=387-/7=/;D37/6+D>/<=28></ #885&9+D853<=/.@3=2 /58.B 8;=+C+?3"00/;/.+= MARY AND BRENT $2.7 BILLION IN RESID ON THE SAN FRAN #1 IN ATHERTON SALE %!'GULLIXSON ,1>553A<87+9;-86 GULLIXS %* % %!' % 708;6+=387.//6/.;/53+,5/ AthertonTudorEstate.com ATHERTON +-D,.D,+D 2+50,+=2D3,;+;BD+6/%886D)37//55+;D#885+7.&9+ #885+,+G+@3=-2/73;/95+-/+7.+<#3CC+"?/7 ,>= 78= 1>+;+7=//. &:>+;/ 088=+1/ +7.8; +-;/+1/ 3708;6+=387 -87=+37/. 2/;/37 2+< ,//7 ;/-/3?/. 0;86 </55/; /A3<=371 ;/98;=< +99;+3<+5< 9>,53- ;/ -8;.<+7.8;8=2/;<8>;-/.//6/.;/53 Page 16 I Fall Real Estate Special Section ENTING ERTON PROPERTIES 2012 SALES 86/<&85. RTON &9/7-/;+7/ =2/;=87?/7>/ #;+.8&/-8B+&=;//= 5/7@88.?/7>/ )37-2/<=/;;3?/ /;1/</78>;= ;/.;3-4?/7>/ +3;?3/@?/7>/ &/5,B+7/ 351Stockbridge.com ATHERTON +-K+158=D5/?/5286/80E<:0=D ,/.;886<>3=/<D3,;+;BD /.3+;88680J-/ %/<8;=534/1;8>7.<D#885D&9+D'/773<8>;=D&=>.38-+,+G+D-+;-+;1+;+1/D+<863=+<&-2885< "00/;/.+= OS HILLS /53C A VALLEY 6+(3<=+ +7/ DSIDE .8@;3?/ .1/+7/ O PARK +;-><</7;3?/ &8786+?/7>/ 2/<=/;&=;//= ALTO 192FairOaks.com ATHERTON 7?/7>/ T HAVE SOLD OVER DENTIAL REAL ESTATE CISCO PENINSULA. S AND SALES VOLUME A=/7<3?/5B%/68./5/.8;3137+55B./<317/.,B)3553<#854D +-;/D,.D ,+D-+;1+;+1/ #885D#8858></D /758#+;4&-2885<D853<=/.@3=2+7-/;//6+7## "00/;/.+= %*GULLIXSON 61>553A<87+9;-86 SON.COM +,5/ 8@/?/; 7/3=2/; </55/; 78; 53<=371 +1/7= 2+< ?/;3J/. =23< 3708;6+=387 0 =23< 3708;6+=387 3< 3698;=+7= =8 ,>B/; 37 ./=/;637371 @2/=2/; =8 ,>B 8; =8 9>;-2+</ 9;3-/ ,>B/; <28>5. -87.>-= ,>B/;I<8@737?/<=31+=387#28=81;+92B ,B/;7+;.7.;F gullixson.com 1 ACRE IN WEST ATHERTON 18Isabella.com PRIME WEST ATHERTON 8-+=/.87+<=;//=@3=26+7B6>5=36355387.855+;/<=+=/ ,.D,+D8= IA ID"00/;/.+= %/68./5/.<0D&+5=@+=/;#885D /758#+;4&-2885< 83<=/.@3=217/<)3553+6<D"00/;/.+= Fall Real Estate Special Section I Page 17 A Luxury Collection. Introducing Prestigio by Intero Real Estate Services, purveyor of fine and prestigious homes throughout the Bay Area. A Prestigio home is given an elevated level of exposure through its carefully crafted marketing portfolio set up to showcase your home to relevant markets locally, nationally and globally. Customized to the unique style of each luxury property, Prestigio will expose your home through the most influential mediums reaching the greatest number of qualified buyers wherever they may be in the world. Call your local Intero Real Estate Services office to speak with a Prestigio Specialist. 3 OFFICES SERVING YOUR AREA Los Altos 496 First Street, Suite 200 Los Altos, CA 94022 Menlo Park 807 Santa Cruz Avenue Menlo Park, CA 94025 Woodside 1580 Canada Lane Woodside, CA 94062 650.947.4700 650.543.7740 650.206.6200 www.InteroPrestigio.com Page 18 I Fall Real Estate Special Section Luxurious Home Near Los Altos Golf & Country Club Win a 2-night stay at a vacation home in Las Vegas! Open Sat 3:30pm -5:30pm Offered at $1,850,000 1619 Crestview Drive Los Altos Los Altos 4 BR/3.5BA | 2,262 sq. ft. Living Space | 7,460 sq. ft. Lot | Mountain View High, Blach Middle, Loyola Elementary 3510 Middlefield Rd Palo Alto Open Sat & Sun 1:30pm -4:30pm Offered at $1,000,000 3 BR/1 BA | 1,100 sq. ft. Living Space + 400 sq.ft in-law suite | 5,868 sq. ft. Lot | Gunn High, JLS Middle, Fairmeadow Elementary -XOLDQD /HH www.JulianaLee.com Top 3 agent nationwide at Keller Williams MBA/LLB (650) 857 - 1000 firstname.lastname@example.org Fluent in Mandarin Fall Real Estate Special Section I Page 19 FALL REAL ESTATE 2012 8FJHIJOH 8 ZPVSPQUJPOT WHAT CAN YOU FIND AT DIFFERENT PRICE POINTS? by Carol Blitzer hether you're looking for a big house or small (or a pair of houses), price is usually the most compelling factor. But if one is willing to compromise on location or amenities, it's possible to maximize what you can get at your particular price point. At the lower end one can find a pair of comparably walkable homes in Menlo Park and Mountain View. The first is a smaller, older home (but upgraded) on a bigger lot. The second is both nature- and commute-friendly. As the price tag increases, so do the options. At the higher end, for example, a pair of houses in downtown Palo Alto is on the market for close to $3 million. The older cottage can be rented out while the two-story, contemporary home is ideal for folks who prefer an elevator. Walkability scores range from 5 in Portola Valley, which is closer to horse trails than restaurants, to 92 in downtown Palo Alto, just blocks from University Avenue with its wealth of choices. N Veronica Weber MENLO PARK Address: 189 Buckthorn Way List price: $779,000 Bedrooms: 3 Bathrooms: 2 Interior: 980 sq. ft. Lot size: 4,192 sq. ft. Date built: 1920 Walk score: 62 Located right on the edge of Atherton, and an easy walk to Holbrook-Palmer Park, this cottage was upgraded in 2006 with vaulted ceilings, dual-pane windows, new flooring and an upgraded kitchen with hand-painted tiles. A front gate assures secluded front and backyards. Michelle Le MOUNTAIN VIEW Address: 208 Orchard Glen Court List price: $799,000 Bedrooms: 2 Bathrooms: 2 full, 1 partial Interior: 1,258 sq. ft. Lot size: 2,787 sq. ft. Date built: 1996 Walk score: 60 Location is a key asset here: It's not far from Google, plus it's near busses and trains for commuters. Not far from the Stevens Creek Trail and Shoreline Park, this Craftsman home sits on a private cul de sac. High ceilings make it light and bright, a place to entertain or just sit out on the front porch. The home features both a master and a junior suite. Veronica Weber MENLO PARK Address: 4021 Fair Oaks Ave. List price: $1,299,000 Bedrooms: 7 Bathrooms: 5 Interior: 2,870 sq. ft. Lot size: 5,000 sq. ft. Date built: 1973 Walk score: 45 Big family? This is a lot of house for the price. Located on a private, tree-lined street in the Menlo Oaks neighborhood, the home features two master suites, a large wrap-around balcony and an updated eat-in kitchen. Skylights assure that it's light and airy. Michelle Le PALO ALTO Address: 821 Garland Drive List price: $1,350,000 Bedrooms: 3 Bathrooms: 1 Interior: 1,352 sq. ft. Lot size: 7,000 sq. ft. Date built: 1948 Walk score: 57 Even if you've got remodeling in mind, this one-owner home is freshly painted and ready to move in now. Located near the Midtown shopping area and close to Jordan Middle School, the home sits on a tree-lined, quiet street. Features include parquet floors, a roomy kitchen with a breakfast nook and a wood-paneled room leading outdoors. (continued on page 24) Page 20 I Fall Real Estate Special Section EXCEPTIONAL PROPERTIES FOR SALE FOR SALE FOR SALE Classic Traditional Home with Pool, Spa and Guest House, +/� 1 Acre in Woodside www.740WestCalifornia.com Offered at $2,995,000 Fabulous Central Woodside Property with Updated Home on 1+ Flat Acre www.3460Tripp.com Offered at $3,095,000 Private Woodside Estate on 8.9 Acres with Stunning Views; Plans for a Remodel or New Home www.275Josselyn.com Offered at $9,200,000 SOLD SOLD Unique Woodside Opportunity on 3+ Acres with 3,000 +/� sq. ft. Guest House www.515Moore.com Offered at $3,295,000 SOLD Resort-like 3-Acre Estate with Gorgeous Views and Guest Lodge; Minutes to Downtown www.3784WoodsideRoad.com Offered at $6,495,000 Custom Home Built in 2008 in Burlingame's Sought-After Easton Addition www.1320Castillo.com Offered at $2,495,000 SALES LIST PARTIAL LIST OF ERIKA'S 2012 SALES Skyline Boulevard, Woodside Kings Mountain Road, Woodside Skywood Way, Woodside South Castanya, Portola Valley La Mesa Drive, Portola Valley Alpine Road, Portola Valley Alpine Road, Portola Valley Almendral Avenue, Atherton Hermosa Way, Menlo Park Beresford Avenue, Redwood City Santa Clara Avenue, Redwood City Edgewood Road, Redwood City Castillo Avenue, Burlingame Fulton Road, San Mateo Havenhurst Drive, Los Altos Sprawling Woodside Estate on 3 Flat Acres with Pool, Guest House and Stunning Views Offered at $6,595,000 SALE PENDING Rebuilt with Comtemporary Designer Style on Over 1 Acre in Excellent Westridge Area www.15Shoshone.com Offered at $4,495,000 SOLD 650.740.2970 Specializing in: WOODSIDE, ATHERTON, PORTOLA VALLEY, MENLO PARK, EMERALD HILLS...and surrounding areas email@example.com erikademma.com #1 Agent, Woodside Office, 2008, 2009, & 2011 U Top U.S. Realtor, The Wall Street Journal, 2011 U Relocation Specialist U DRE# 01230766 This information was supplied by Seller and/or other sources. Broker believes this information to be correct but has not verified this information and assumes no legal responsibility for its accuracy. Buyers should investigate these issues to their own satisfaction. Fall Real Estate Special Section I Page 21 THE DORE TEAM FOR SALE FOR SALE FOR SALE 183 Glenwood Avenue ATHERTON Build your dream home on this spectacular 1.6 acre lot in the heart of Atherton. Offered at $3,695,000 29 De Bell Drive ATHERTON Spacious home on park-like one acre property with prime address in sought-after Maple Manor. Offered at $2,495,000 555 Byron Street, #402 PALO ALTO A prestigious community of luxurious adult, condominium homes in downtown Palo Alto. Offered at $1,350,000 SOLD! BY THE DORE TEAM Catalpa Drive, ATHERTON Garden Lane, MENLO PARK Appaloosa Way, LOS ALTOS HILLS Fredrick Avenue, ATHERTON Greenoaks Drive, ATHERTON East Creek, MENLO PARK Middlefield Road, ATHERTON Santa Monica, MENLO PARK THE DORE TEAM Janet Dore and John Spiller (650) 766-7935 firstname.lastname@example.org www.jdore.com email@example.com www.jspiller.com Janet DRE# 00621176 John DRE#01155772 Page 22 I Fall Real Estate Special Section "Let me be the first to extend my heartfelt congratulations on earning a place in the NRT Top 100 Teams for the second quarter of 2012. Of more than 1400 Teams currently representing NRT companies, your second quarter performance places you in an elite group of industry leaders. " Bill Zipf President and CEO NRT LLC Please visit our websites for more information, New Listings, Virtual Tours and Any of Your Real Estate Needs. www.jdore.com www.jspiller.com SAND HILL ESTATES 92 ACRES IN WOODSIDE #%3'4&+7+&'&+/503'4+&'/5+#--054 /+26'0110356/+5:50%3'#5'#-#3)' '45#5'03+/&+7+&6#-*0.'4 #)/+=%'/57+'840(5*'#:#/& '45'3/+--4 (('3' WOODSIDE 953#03&+/#3:+'%*0/5'.103#3: #%3'48+5*#:7+'84< -'7'-*0.' 6450.+;'&+$3#3:(=%' #.+-:'&+#00.<+5/'44'/5'3 806'451#35.'/54 +/''--#3<655+/)3''/ /=/+5:'&)'00-#/&1# #3#)'#3,+/)(03 %#34 0/5'.103#3: 00&4+&'45#5'%0. 320 HARCROSS ROAD WOODSIDE 5 Acre Estate circa 1920s French Chateau 12,000+ sq. ft. Home | 7 bd | 7+ ba Formal gardens | Pool | Tennis Court 9-car garage | LeSoleilEstate.com LeSoleilAuction.com ! gullixson.com " ,3 5'#/&&%2-)(*,)' ,!(. 5#/&&%2-)(*,)' 4 ("),'.%)( !!'! ,!&%&! /. (). #/,(.!! +/,! ")).#! ( ), ,!#! %("),'.%)( )(.%(! $!,!%( $- !!( ,!!%0! ",)' -!&&!, !2%-.%(# ,!*),.- **,%-&- */&% ,!), - ( ), ).$!, -)/,!- !!'! ,!&%&! )1!0!, (!%.$!, -!&&!,(),&%-.%(##!(.$-0!,%7! .$%-%("),'.%)(".$%-%("),'.%)(%-%'*),.(..)/3!,%( !.!,'%(%(#1$!.$!,.)/3),.) */,$-!*,%!/3!,-$)/& )( /./3!,6-)1(%(0!-.%#.%)( Fall Real Estate Special Section I Page 23 Margot Lockwood Offered at $1,195,000 FALL REAL ESTATE 2012 presents... (continued from page 20) 3618 Midfield, Redwood City SUN N E OP DAY Veronica Weber S pacious Contemporary 3 bed 3.5 bath home on 1/3 acre with bay views. Living room with walls of glass perfect for combining outdoor living. Separate Family room with fireplace and wet bar. Kitchen has been remodeled with state of the art appliances and cabinets. 2 car garage and convenient Emerald Hills location MOUNTAIN VIEW Address: 1432 Brookdale Ave. List price: $2,100,000 Bedrooms: 4 Bathrooms: 3 full, 1 partial Interior: 3,698 sq. ft. Lot size: 11,120 sq. ft. Date built: 1949 Walk score: 66 Right in the middle of Mountain View's desirable Blossom Valley neighborhood, this home boasts two master suites (note the Italian porcelain tiles), bamboo flooring, up-to-date kitchen, hardwired office, and a fireplace between living room and family/billiard room. The ample lot leaves plenty of room for both a cottage and a landscaped yard. 320 Jane, Woodside EXCLUSIVE LISTING Offered at $6,999,000 NOT MLS N O Michelle Le ustom built Contemporary tri level home on 6+ acres. 5 bedrooms, 4.5 bath. Open living floor plan with stunning kitchen. Main level consist of sunken LR, Kitch/Family rooms, 2 bedrooms, one full and one half bath. Upper level consist of master bedroom/ bath, guest suite and library. Guest suite and entertainment room with projection tv, work room and bath on lower level. Call Margot to schedule an appointment. C PORTOLA VALLEY Address: 117 Pinon Drive List price: $2,200,000 Bedrooms: 3 Bathrooms: 2 full, 1 partial Interior: 2,330 sq. ft. Lot size: 111,078 sq. ft. (2.55 acres) Date built: 1966 Walk score: 5 Sitting on 2.5 acres in the Westridge area of Portola Valley, this ranch-style home offers two fireplaces -- one in the living room and dining room, the other connecting the family room and updated kitchen. Large windows offer breathtaking views. Flooring includes slate, hardwood and carpet. Close to walking, biking and horse trails. MARGOT LOCKWOOD 650.529.2410 Office 650.400.2528 Cell ho mes@mar go tlo c kwo o d . c o m For more information or Virtual Tour visit www.margotlockwood.com Page 24 I Fall Real Estate Special Section (continued on page 26) 9LOOD(LULQL %#%! VillaEiriniEstate.com 4*8,+0)2,3(9:,860,*,04:/, ,5*2(990*(2,58.0(49:?2,A8*/0:,*:;8,)? 4+8,=$1;83(4);02:)?"2(:/(4+536(4?04:,8058+,90.4)?$;@(44,%;*1,8 %;*/,8(4+(8192(4+9*(6,(8*/0:,*:;8,)?20@(),:/<,8+,2A5362,:,+04 54 (*8,9A"80<(:,25*(:054(::/,,4+5-(*;2+,9(*4,(8:/,68,9:0.05;9 ,42508*;92;)A5*(2(4+04:,84(:054(2(8:09(49;9,+:/,D4,9:3(:,80(29:5 *8,(:,(+(@@204.,4<08543,4:A2;>;805;9),+85539;0:,962;9 /(2-)(:/9(4+( *()(B()(:/A;,9:/5;9,=0:/-;22)(:/68,9,4:2?;9,+(95-D*,(4+D:4,99*,4:,8 "80<(:,-583(2.85;4+9-,(:;8,<(9:9:8,:*/,95-2(=4 "55296(6(8:,88,.(8+,49(4+=(2104.6(:/9A,425"(819*/5529 (8?(4+8,4:/(<,952+5<,802205404 8,90+,4:0(28,(2,9:(:,54:/,$(48(4*09*5",4049;2( 04:/,8:54$(2,9(4+$(2,9&52;3, MARY GULLIXSON 3.;220>954(68*53 BRENT GULLIXSON ).;220>954(68*53 gullixson.com #' # # % # 4-583(:054 +,,3,+ 8,20()2, );: 45: .;(8(4:,,+ $7;(8, -55:(., (4+58 (*8,(., 04-583(:054 *54:(04,+ /,8,04 /(9 ),,4 8,*,0<,+ -853 9,22,8 ,>09:04. 8,658:9 (668(09(29 6;)20* 8,*58+9 (4+58 5:/,8 95;8*,9 +,,3,+ 8,20()2, 5=,<,8 4,0:/,8 9,22,8 458 209:04. (.,4: /(9 <,80D,+ :/09 04-583(:054 - :/09 04-583(:054 09 03658:(4::5);?,804+,:,830404.=/,:/,8:5);?58:56;8*/(9,680*,);?,89/5;2+*54+;*:);?,8C95=404<,9:0.(:054 Fall Real Estate Special Section I Page 25 FALL REAL ESTATE 2012 (continued from page 24) PALO ALTO Address: 524 Everett Court & 525 Lytton Ave. List price: $3,350,000 Bedrooms: Everett: 2; Lytton: 3 Bathrooms: Everett: 2.5; Lytton: 2.5 Interior: Everett: 2,788 sq. ft.; Lytton: 1,730 sq. ft. Lot size: 9,147 sq. ft. Date built: Everett: 1998; Lytton: unknown Walk score: 92 Two homes co-exist on one large lot close to University Avenue. The main house (on Everett), designed by Palo Alto architect Bob Peterson, features a dramatic two-story living room with clerestory windows, two offices and an elevator. The slate floors extend to the outdoors. The second home, facing Lytton, is a Craftsman-style with period fixtures and details, including a built-in china hutch, original cabinetry, wainscoting, hardwood floors and a kitchen with separate breakfast room. Veronica Weber WOODSIDE Address: 122 Audiffred Lane List price: $3,195,000 Bedrooms: 4 Bathrooms: 3 full, 1 partial Interior: 3,140 sq. ft. Lot size: 23,958 sq. ft. (.55 acre) Date built: 1990 Walk score: 48 Who would have thought a Woodside home would be walking distance to school or town center? This classically styled French home boasts large rooms, an open kitchen/ family room floor plan with French doors leading to patio and pool. Detailing includes large kitchen with an island, granite counters and stainless-steel appliances. And, it's set at the end of a quiet cul-de-sac. Michelle Le 4 Pepperwood Ct, Menlo Park 658 Nash Ave, Menlo Park 210 Pope Street, Menlo Park* Omar Kinaan Realtor�, GRI,CDPE DRE#01723115 650.776.2828 Omar@Kinaan.com *Represented the Buyers Recent Sales in Menlo Dis Park & Atherton RE/MAX nc ve Properes Work with someone who cares! COMING SOON IN MENLO PARK! 476 Oak Ct, Menlo Park 968 Monte Rosa Dr, Menlo Park* 648 Santa Cruz Ave, Menlo Park Page 26 I Fall Real Estate Special Section 1036 Greenwood Dr, Menlo Park* 133 Burns Ave, Atherton* Phone: (650)776-2828 www.Kinaan.com Making The Difference For You... Extensive Neighborhood Knowledge Creative, Resourceful, Connected Exceptional Service Dedicated Advocate Trusted Partner 650.201.1010 Dan.Ziony@CBNorCal.com CA DRE #01380339 Dan Ziony Serving buyers and sellers in Palo Alto, Menlo Park, Atherton, Portola Valley, Woodside, Los Altos, Los Altos Hills and other Peninsula communities for more than a decade www.DanZiony.com =<3=4/;3@71/�A47<3ABB@=>6GB@=CB@/<163A 4/::@7D3@D/::3GA6/AB/1=C<BG1/:74=@<7/ RANCHES, LAKES, RIVERS /BROKER THE CHICKERING COMPANY Historically known as the Old Ivy Horr Ranch, the 1,346 � acre Spring Creek Ranch controls one of the two major headwaters of renowned Fall River with unique private fishing water in a classic spring creek fishery, yielding rainbows averaging 3-6 pounds. The ranch also fronts on a second trophy trout spring creek, Lava Creek, as well as frontage on world-renowned Fall River itself. The ranch attracts thousands of migratory waterfowl including ducks, geese, pelicans, egrets, herons and swans amidst the lush meadows and riparian wetland habitat. Other bird species include Osprey, Bald Eagle, Great Horned Owl, Peregrine Falcons, quail, dove, pheasant, turkey and grouse. Closed to hunting for years, Spring Creek Ranch is a true wildlife sanctuary nestled amidst forests and expansive meadow lands with stunning views north to Mt. Shasta. A jet-capable County Airport, golf course and the small ranching community of Fall River Mills is just 10-15 minutes from 9.5million. million. the ranch. Price reduced to $12 For more information on this and our other offerings, please visit: w w w.ranchbuyer.com Contact: Email : ranches @chickeringco.com Terry Hundemer 530-265-5774 Fall Real Estate Special Section I Page 27 FALL REAL ESTATE 2012 According to the Silicon Valley Association of Realtors, there were 122 foreclosures in East Palo Alto in 2010, 30 in 2011, and 107 so far in 2012. He said the seemingly low numbers in 2011 were the result of a state lawsuit against irresponsible and illegal foreclosure practices that had a chilling effect on lenders pursuing foreclosures. "Once the suit got running lenders stopped processing as many foreclosures," he said. "Either the lenders were prevented from processing them due to the lawsuit or they decided to back off while it worked its way through the court." One of the results of the multistate lawsuit, which settled in February for $26 billion, was a 90-day increase to the typical foreclosure process. "So there's still plenty out there, but they haven't been processed yet," he said. "We're still a long way from dealing with the short-sale and foreclosure issue in East Palo Alto." Cenedella said the large number of short sales and post-foreclosure, bank-owned properties make a market conducive to investors. Typically the less expensive areas appeal better to investors looking to rent because it covers more of the ownership costs than in the expensive areas. "If you buy a house in Palo Alto for $1.2 million you could probably rent it for $3,500 a month," he said. "Contrast that with buying a house in East Palo Alto for $300,000 and renting it for $2,000 -- it will appeal better to investors." Harris said homebuyers this year are a mix of prospective homeowners and investors, some of whom buy and flip the houses and others who keep them. "Now is just a good time to buy in general because of interest rates," he said. "That just lets everybody in because more people can afford it. Most of the houses are getting offers on them now." Realtor Christina Nguyen, Itosca Properties, Redwood City, has been dealing primarily in selling short sales and bank-owned properties in the area for around six years. During the height of the bubble Nguyen said she saw more people buying to find a place to live, but these days she sees about a 50-50 split between prospective homeowners and investors. Among investors Nguyen said she's seen about an equal mix of investors who buy to flip and those who hold on to their homes. "A lot of investors are pulling money out of the market to buy and keep," she said. "If you're getting $1,900 a month, then that's a much better rate of return than keeping that money on the market." Cenedella said the widespread wealth found on the Peninsula makes an environment that puts the average prospective homebuyer at a disadvantage. "What you see in Palo Alto, and this is true all up and down the Peninsula, is that the number of buyers who can pay cash for these properties will blow your mind," he said. The high level of foreclosure and short-sale houses, which are usually in poor quality, in East Palo Alto also favors investors over prospective homeowners, he said. "If someone can't pay their mortgage, they probably aren't going to repaint their house or fix their roof," he said. "Many are often in such a condition that they don't qualify for financing, even if it's an A-plus borrower. Lenders just don't like properties that are banged up." Nguyen said that while home sales have started to go up slowly in East Palo Alto, she doesn't expect them to get much higher. "The appraisers aren't going to allow (home prices) to go up anymore because they're not going to appraise higher than the offer price they're in contract for," she said. Additionally, Nugyen said lenders often hire appraisers from way out of the area who may not be familiar with the area, which often negatively affects the appraisal price. Harris said that "redlining" or "lowballing," the comparatively low appraisals given in East Palo Alto, are common. "It always seems to get harder than other areas," he said. "What's the difference? The schools? Income? Market value? There shouldn't be such a great disparity."N Editorial Assistant Eric Van Susteren can be emailed at firstname.lastname@example.org. -PPLJOH by Eric Van Susteren ore than four years after the housing bubble slashed home prices in the East Palo Alto area by 50 percent, some Realtors are seeing a moderate comeback in home prices. "You've got to remember that you're coming from lows -- postsubprime debacle lows. They're going up but they're going up from low 200s," Realtor Ken Harris, Century 21, East Palo Alto, said. "Now you're seeing them in the high 200s and low threes." Home prices have gone up slightly because of low inventory, a competitive buyers' market due to low prices relative to surrounding areas, and historically low interest rates, he said. "We're not talking leaps and bounds here, but I started to notice prices go up around May or June," he said. Between June of 2010 and June of 2012, single-family home prices in the area have seen a 6 percent increase, from $250,000 to $265,000, according to information from the Silicon Valley Association of Realtors. . 61 However, during that same time, EAST PALO there was an 11 percent deALTO crease in home HOUSING sales, from 93 in 2010 to 83 PRICES in 2012. REBOUND -- " P e o p l e aren't sellGINGERLY ing -- they're holding on to what they've got," he said. "Foreclosures are decreasing and the inventory is drying up because of it." Realtor Arn Cenedella, Coldwell Banker, Menlo Park, who has been selling homes in the area for 20 years, said he saw some properties worth $600,000 before the housing bubble fall in value to less than $300,000 after it. Recently, he's seen prices creep back up. "The foundation has been set," he said. "Prices have come down to reasonable levels that are affordable to East Palo Alto levels." Home prices may be going up, but foreclosures remain a fact of life in the area, he said. 3045 South Court, Palo Alto Open Saturday and Sunday 1:30-4:30 Beautiful new Midtown Craftsman replete with contemporary amenities. Inviting living room and spacious dining room. A unique glass and steel staircase integrates gracious living spaces. The Gourmet kitchen blends effortlessly with a separate dining area, comfortable family room and exterior deck. The elegant Master Suite and balcony add to the feeling of luxury. Appointments include custom cabinetry, granite and marble finishes as well as hand-hewned floors. Double-paned windows throughout. Basement includes 2 bedroom suites, wet bar, wine cellar, game room and separate exterior entry. Gunn High School. Conveniently located, this beautiful new Midtown home is close to shopping areas, restaurants, and entertainment. Easily accessible to major freeways, CalTrain, San Francisco and San Jose airports. Freshly landscaped property with drought-resistant plants gives a nod to the environment. r CFESPPNTBOECBUIT XJUIHVFTUBDDPNNPEBUJPOTPO�STUMFWFM r 4UBUFPGUIFBSU(PVSNFULJUDIFOXJUIDVTUPNCVJMUDBCJOFUSZ r #VJMUJOWBDVVNTZTUFN-BVOESZDPOWFOJFOUMZMPDBUFEPO�STU�PPS r 5IF�OJTIFECBTFNFOUIBTBXJOFDFMMBSBOEXFUCBS QFSGFDUGPS your collection r "QQSPY TRGUMJWJOHTQBDFQFS4FMMFS TRGUMPU TJ[FQFS"TTFTTPS Offered at $2,850,000 Stephanie Hewitt email@example.com %3& Page 28 I Fall Real Estate Special Section Fall Real Estate Special Section I Page 29 FALL REAL ESTATE 2012 3FBMFTUBUFQPMJUJDT WHO'S RESPONSIBLE FOR MAINTAINING A SHARED PRIVATE ROADWAY? The road we live on is ridden with potholes. It is a private roadway where each of the users has an easement and ownership of the road. Our neighbors refuse to contribute toward the repair of the road. I am tired of living in a rut. What can I do? First, you should check your grant of easement to see if there is an agreement between the easement holders with regards to road maintenance and repair. This is common with more recent subdivisions. If there is an agreement then this is an enforceable contract and you may legally take action against your neighbor based on the contract to fix the road and pay for repairs. However, if there is not a roadmaintenance agreement then you are subject to California Civil Code section 845, which requires all owners of easements that include a private road to maintain the easement area and pay for repairs. If any easement holder refuses to pay for repairs then other owners may petition the Superior Court in the County to enter a judgment against the non-paying easement holder for the amount that is owned. Q A by J. Robert Taylor, J.D. Politically, it is a difficult decision to legally confront neighbors with this type of issue. Rationally, you would think that all owners would want to maintain the roadway in good repair. However, in the real world there are unreasonable people who do not want to pay for anything without being forced. Where the tipping point is, is up to you. A developer has purchased the lot next door to me. I am worried about what my new neighbor will develop. Can the new structure block my view, my sunlight and interfere with my privacy? Your concerns are quite real. Development of real property is controlled almost exclusively by the zoning ordinance of the town the property is located in. Occasionally, there are deed restrictions, sometimes referred to as CC&Rs, which may restrict an owner's ability to develop the property. Both of these should be examined to determine what the developer has to do in order to get the new development approved. Zoning law will usually specify a formula for the total square foot- Q A age that can cover the lot, often called FAR (floor area ratio), along with the maximum developable area (MDA), which includes driveways, pools, accessory structures and the like. Due to the high price of land and typically smaller lots in the Bay Area, developers seek to maximize the FAR and MDA on any given project. This is done because whoever will eventually purchase the home will do so mostly based on the square footage and improvements built on the land. Some cities also have what is known as "design review." This may give the city planning department and neighbors the opportunity to shape the project within the limits of the design-review ordinance. Often those who are on the designreview committee try to make sure the new development fits within the neighborhood and does not unduly impact the privacy of neighboring landowners. If your neighbor is subject to design review then you should get written notice and you should definitely make your concerns known to whoever is doing the architectural review. All modern zoning ordinances have provisions that limit MDA and FAR; in addition they will also have provisions to protect your home from a daylight-plane intrusion from the new building through height limitations and setback requirements. Planning departments often require the developer to obtain a survey of lot lines. It is important for you to review these survey docu- ments or obtain your own boundary survey to make sure the new building is following the appropriate rules with regards to setbacks. Typically, it is good form for developers to reach out to neighbors to hear their concerns about the future plan. Many times such concerns can be addressed without compromising the objectives of the builder. If the developer is not reaching out to you, then I suggest you try and meet with him/her so that they have an understanding of your concerns. Realize that you cannot prevent change to your neighborhood; the owner has generally paid a high price for the land and has a legal right to develop the property within the law. The law gives neighbors protection and at times meaningful input. Don't waste your opportunity by merely obstructive tactics, as you will likely win a battle or two but lose the war. I have seen listings for properties that seem almost too good to be true, then I discover they are in foreclosure or short sales. Are sellers and lenders really allowing these properties to sell at significant discounts? In general the market has improved throughout the Bay Area but particularly in the San Francisco to San Jose corridor. It is generally not in the interest of the seller or the lender to agree to sell for less than the market value. Often the difficult part is determining what the market value really is. Simply because it is a distress sale Q A does not mean that the property will sell at a below-market price. Often, sellers are not really attempting to sell at all in these circumstances. They list the home to satisfy the terms of trying to do a short sale so that the lender forebears foreclosure proceedings. Even if a house is listed for sale it may not, in fact, be for sale. In other words, the seller may be doing everything to forestall foreclosure, but has no intention of ever leaving the home. If the owner is not making payments or paying property taxes, there may be little motivation to accept and offer and then have to move out and pay rent. That is why these transactions often end up in what seems to be an endless loop, at least until the lender carries through with the foreclosure. A recent listing in Palo Alto that seemed like a steal was actually a home in foreclosure where the seller was trying to sell a reversion and retain a life estate in the property. If it seems like it is too good to be true, beware and make sure you have knowledgeable counsel to help you understand the market and provide you with current market information as to valuation. N J. Robert Taylor, J.D., a real estate attorney and broker for more than 20 years, has served as an expert witness and mediator and is on the judicial arbitration panel for Santa Clara County Superior Court. Send questions to Taylor c/o Palo Alto Weekly, P.O. Box 1610, Palo Alto, CA, or via email at firstname.lastname@example.org. 1 Walnut Avenue, Atherton C O L DW E L L B A N K E R A Charming Livable House with Development Possibilities ABSOLUTE AUCTION Private, gated c1920s French chateau in the heart of Woodside. Three bedrooms with large closets Two full baths, one remodeled Living room with fireplace, wall of windows viewing to gorgeous tall trees & fern garden Hardwood floors 1,298 sq ft living area (not verified) 10,416 lot (per Realquest, not verified) Award-winning Menlo Park Schools Allowable building possibilities: 3218 sq ft floor area ratio SFR Plus basement Plus covered open areas (ie patio) Verify above with Atherton Planning. OLD-WORLD ELEGANCE MEETS MODERN LUXURY -- FOR YOUR BID PRICE. Welcome to "Le Soleil", majestically set on approximately five private acres of exquisitely-landscaped grounds within sought-after Woodside, conveniently located between two international airports and jet centers in San Francsico and San Jose. Restored and renovated with updated amenities. More info at www.1WalnutAve.com WAS $21M. Selling to the Highest Bidder on October 27th. 2% Co-Broke | Open Daily 1-4 | 320 Harcross Road, Woodside, CA Listed by Alain Pinel Realtors: Mary Gullixson & Brent Gullixson Coldwell Banker Residential Brokerage 630 Ramona Street Palo Alto (DRE: 00373961) (DRE: 01329216) Jackie Copple, MBA The Professional for Professionals (650) 752-0866 Direct (650) 465-9160 Cell email@example.com www.JackieCopple.com -"!s#23s32%3 877.888.4269 WoodsideAuction.com This property is listed for sale by Mary Gullixson (DRE: 00373961) and Brent Gullixson (DRE: 01329216), Alain Pinel Realtors, Inc (Lic# 01079009), 12772 Saratoga-Sunnyvale Road, Suite 1000, Saratoga, CA 95070 (408) �s~���O�bb��8,��� �Ypp��� Ob�tb��O��V ��|b��Yb�n8�O�8�b�t�b��Ob�8Y�8Ob�bY 8n�88�O�o� �Yps�p~���+8tb���bV3b��(8 b8O|V��s�ggg��~s�p�,|b�b��Ob��bnb��bY�|b�b8�b�8�88Fb��b�Yb��n8ʴ�8�b�|b�b�|F�bYF�8O8Fb��8�b8ȡ Ob�tb��O�� V��8tb��8Y8no8�b�VF�b�8��b��V��O�bb�V and the Sellers do not warrant or guaranty the accuracy or completeness of any information and shall have no liability for errors or omissions or inaccuracies under any circumstances in this or any other property listings or advertising, promotional or publicity statements and materials. This is not meant as a solicitation for listings. Brokers are fully protected and encouraged to participate. See Auction Terms and Conditions for more details. ndjgcZZYh#ndjgiVhiZh#ndjgaVc\jV\Z# Page 30 I Fall Real Estate Special Section Exceptional Agents r Price t d fo l i o S +L s 0 0 ,0 $63 j Exceptional Results r Price t d fo l i o S +L s 000 , 6 $3 Recently sold in your area.... Menlo Park Sale Price: $888,000 r Price t d fo l i o L S + s 0 0 0 , $75 Menlo Park* Sale Price: $1,140,000 Menlo Park Sale Price: $1,940,000 r rice d fo t P Sol+ Lis 0 ,00 $36 Palo Alto Sale Price: $3,325,000 Menlo Park* Sale Price: $870,000 *Represented the Buyer Menlo Park Sale Price: $1,875,000 Penelope Huang Penelope.Huang@remax.net (650) 281-8028 Omar Kinaan Omar.Kinaan@remax.net (650) 776-2828 Joe Carcione III Joe.Carcione@remax.net (650) 346-0019 Gene Lentz EHLentz@remax.net (650) 255-2264 Mark Hohman Mark.Hohman@remax.net (650) 533-6577 Vince Castagnolo VCastagnolo@remax.net (650) 400-8555 Jeff Milo Jeff.Milo@remax.net (650) 823-7218 Gloria Young Gloria.Young@remax.net (650)380-9918 Experience the difference: Work with Professionals who care about you Each Office Independently Owned and Operated wwww.DistinctiveAgents.com DRE# 1866196 648 Santa Cruz Ave, Menlo Park Fall Real Estate Special Section I Page 31 JUST LISTED EXCLUSIVE LISTING FOR SALE 57 Politzer Drive, Menlo Park Beautifully updated one-level home with 4 bedrooms, 3 baths, pool; desirable central location Offered at $2,299,000 93 Camino Por Los Arboles, Atherton Opportunity in prime Central Atherton; approx 2.54 level acres with original home Offered at $13,800,000 445 Cotton Street, Menlo Park Superb new construction just completed; 3 levels with 6 bedrooms, 5.5 baths; sought after central location Offered at $4,988,000 FOR SALE FOR SALE FOR SALE 196 Selby Lane, Atherton Craftsman with 5-bedrooms, 4.5 baths, glorious gardens, pool & spa; private cul-de-sac Offered at $3,495,000 95 Fleur Place, Atherton 7 bedrooms, 9 full-, 2 half-baths, gorgeous grounds; guest house and pool Offered at $11,750,000 1915 Oak Avenue, Menlo Park One-level, 4-bedroom, 3-bath home in desirable West Menlo Park, Stanford leased land, pool Offered at $1,495,000 FOR SALE FOR SALE PENDING SALE 1365 Bay Laurel, Menlo Park One-level 5-bedroom, 4-bath creekside home; just over a half-acre; detached guest house, pool Offered at $3,950,000 459 Walsh Road, Atherton 4-bedroom, 3.5 bath home with resort-like amenities; pool, spa & tennis; Las Lomitas schools Offered at $3,850,000 248 Greenoaks Drive, Atherton Updated & expanded Lindenwood home; 6 bedrooms, 4.5 baths and guest house; pool & spa Offered at $3,995,000 C O M I N G S O O N � AT H E R T O N Brand new construction, West Atherton Call for details C O M I N G S O O N � M E N LO PA R K Brand new construction, 4 bedrooms, West Menlo Park Call for details For virtual tours of these properties, please visit www.tomlemieux.com 650 329 6645 firstname.lastname@example.org tomlemieux.com +9, Coldwell Banker Top 1% Internationally Top 100 Nationally, Wall Street Journal, 2012 Page 32 I Fall Real Estate Special Section